Nope lol. According to Wikipedia its nickle and copper:
Its current version is composed of two layers of cupronickel (75% copper, 25% nickel) clad on a core of pure copper.[2] With the cupronickel layers comprising 1/3 of total weight, the coin’s overall composition is therefore 8.33% nickel, 91.67% copper. Its weight is 0.1823 troy oz. or 0.2000 avoirdupois oz. (5.670 grams).
Nah, these coins are minted for collection and investment purposes and are not meant to use as direct payment (although you can because they hold a nominal value). It doesn’t make sense for any government to use material that is 100 times more expensive than the value they want to attach to it.
Sovcit just payed of $0.25 of their debt with a $28 coin because they are incredibly smart.
That’s exactly why they stopped minting silver coins in the 1960s though. Because they started being worth more in silver than their value. Still true about pennies, I think.
No, what the sovcit attached is called a bullion coin. They usually have a nominal value, so they are official legal tender and you can pay with them in a store, but their actual worth is basically the price of the precious metal they are minted from (+collector’s value for some coins) which is usually much higher. 0.9 troy ounces of pure silver are around $28.
It is the coin holder’s duty to liquidate the coin before payment, so the sovcit basically just scammed themselves and gave their coin away for the nominal value (although it will likely be returned as this letter will not be accepted for obvious reasons).
a quarter is made of .9 oz of silver?
Nope lol. According to Wikipedia its nickle and copper:
Official US Mint description:
https://www.usmint.gov/learn/coins-and-medals/circulating-coins/quarter
Quarters minted before 1964 are indeed 90% silver. However, the weight is way off from sovcit’s testimony.
Edit: A word
To be fair, it could be a pre-1965 quarter. Those had silver in them. I don’t think .9 oz, but maybe one year?
Nah, these coins are minted for collection and investment purposes and are not meant to use as direct payment (although you can because they hold a nominal value). It doesn’t make sense for any government to use material that is 100 times more expensive than the value they want to attach to it.
Sovcit just payed of $0.25 of their debt with a $28 coin because they are incredibly smart.
That’s exactly why they stopped minting silver coins in the 1960s though. Because they started being worth more in silver than their value. Still true about pennies, I think.
A silver dollar contains 0.9oz silver.
A silver quarter is 0.225oz.
No, no, you gotta think sovict.
Its a coin, that is silver in color, i.e a “silver coin,” that is .9 0z.
No, what the sovcit attached is called a bullion coin. They usually have a nominal value, so they are official legal tender and you can pay with them in a store, but their actual worth is basically the price of the precious metal they are minted from (+collector’s value for some coins) which is usually much higher. 0.9 troy ounces of pure silver are around $28.
It is the coin holder’s duty to liquidate the coin before payment, so the sovcit basically just scammed themselves and gave their coin away for the nominal value (although it will likely be returned as this letter will not be accepted for obvious reasons).
That’s not a bullion coin, it’s just a pre-64 quarter. It’s about $20 in silver, depending on spot price.
I collect coins, not silver, and these are not special in any way. I sell them for melt value to buy better coins.